Enron Venture Capitalism Defined
ChromaTech in Vancouver
You have two cows. You sell one and buy a bull.
Your herd multiplies, and the economy grows. You
sell them and retire on the income.
Enron Venture Capitalism
You have two cows. You sell three of them to your publicly listed
company, using letters of credit opened by your brother-in-law at the
bank, then execute a debt/equity swap with an associated general offer
so that you get all four cows back, with a tax exemption for five
cows. The milk rights of the six cows are transferred via an
intermediary to a Cayman Island company secretly owned by the majority
shareholder who sells the rights to all seven cows back to your listed
company. The annual report says the company owns eight cows, with an
option on one more.
Hope this helps your Friday.
Frank Jones
"Beer, it's not just for breakfast anymore!" -Ragner Paulson
Del Tree
<chrom...@telus.net> wrote
Yes. ROTFL....
--
Del Tree
Jay Chevako
Every once in a while I make the mistake of actually reading the damn
things, these are not people who I would want to trust my money too.
Jay
Eric Gill
...until I think of the many thousands who lost so much in this
politician-driven debacle, 'way too many who are friends.
It's a great joke, Frank, and right on target. Enron, however, is in my
back yard, so to speak, and right now, it's just damn depressing.
And to ad insult to injury, our brand new baseball stadium could very
well wind up being renamed something like "Mattress Mac Field," from the
nickname of a loudmouth local furniture magnate. Yuck.